From Malay Mail · Malay Mail · · 1m 30s
Singapore CFO nearly loses S$120,000 to scam
Singapore company CFO almost transferred S$120,000 to scammers impersonating bosses on Teams.
In brief
Singapore company CFO almost transferred S$120,000 to scammers impersonating bosses on Teams. A healthcare company's CFO nearly transferred S$120,000 to scammers posing as executives via Teams after a sharp rise in business email compromise scams in Singapore. Originally reported by Malay Mail.
Singapore company CFO nearly loses S$120,000
A healthcare company's CFO nearly transferred S$120,000 to scammers impersonating executives via Microsoft Teams.
Scams rose to S$57.3m in early 2026
Singapore saw business email compromise losses reach S$57.3 million (RM183.4 million) in early 2026, up from S$19.5 million (RM62.4 million) a year earlier.
CFO's colleague felt urgent pressure
Jane, a 72-year-old company director, said scammers acted with urgency to make her colleague anxious to complete the transfer quickly.
Scammers impersonated bosses on Teams
Scammers posed as the chairman and managing director to request financial statements via Teams group chat.
CFO almost transferred funds
The CFO was instructed to transfer S$120,000 from the company's bank account but only realized the scam after speaking to the real managing director.
Payment protocol prevented loss
The company's payment protocol required physical signature for authorizations, preventing the S$120,000 transfer.
UOB to monitor transactions
UOB was instructed to monitor large transactions and ensure proper authorization before transfers.
UOB branch manager confirmed safeguards
UOB branch manager Carlene Lam contacted Risk and Anti-Fraud teams to verify payment instructions and protect the company.
Scammers use AI to impersonate executives
Cybersecurity expert Adrian Hia said scammers increasingly use AI to impersonate executives and exploit workplace hierarchies.
The bottom line
A healthcare company's CFO nearly transferred S$120,000 to scammers posing as executives via Teams after a sharp rise in business email compromise scams in Singapore.
